This can be depicted as follows: Sdn Bhd’s Audit & Tax Extended Deadlines Due to MCOCreated OnApril 12, 2020Last Updated OnApril 29, 2020byYivon Yau< All TopicsUpdates on 28th Apr 2020With the further extension of MCO to 12th May 2020, IRB just published the latest FAQ and filling program. A late filing fee is a fee imposed on any prescribed forms or returns that are late in its submission deadline to SSM. Key changes are three (3) months grace period (before this is 2 months) […] <> Managed Care Organization (MCO) Reports Comprehensive Provider Report Information and Submission Instructions The Comprehensive Provider Report is a quarterly report identifying the value of claims, payments, referrals, orders, and prescriptions made for members of a … Therefore, the form or return that is lodge to SSM after the period stipulated by the law or regulation shall be accompanied by the following late lodgement fees:- However, companies will need to apply for this flexibility from SSM, and no late delivery fee will be charged upon the request.-//- Failure to comply will render you punishable by the law with a fine not exceeding RM 5000, and a further fine of not exceeding RM 1000 for each day when the offence continues. The SSM has waived the application fee for this application. QUESTION ANSWER 1. ©2020 ROSLI DAHLAN SARAVANA PARTNERSHIP. <> stream SSM operates under acts and regulations that are listed as below: 1. 1. For a limited period, SSM will be offering discounts of up to 90% on penalties and compounds levied on companies that have been negligent in certain areas of compliance, specifically, the failure to submit audit and financial statements and annual reports, among other non-compliant areas. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> These initiatives by SSM will undoubtedly assist SMEs and corporations in reducing costs and complying with their statutory obligations during this challenging period. In addition, companies are granted an extension to comply with the statutory notice of demand issued pursuant to section 466 of the Companies Act 2016 by a creditor to 6 months from the current 21-day period. In recent weeks, many companies have responded to the Prime Minister’s call to donate to the “COVID-19 Fund” launched on 11.3.2020 which was established to provide financial aid to those directly affected by the COVID-19 outbreak. (d) Extension Of SSM’s “2020 Compliance Campaign Of The Companies Act 2016”. To encourage this noble cause, SSM has introduced an exemption for certain CLBGs from obtaining approval from the Minister or Registrar of Companies for solicitation of monetary donation from the public to help those affected by the COVID-19 pandemic. KUALA LUMPUR (March 16): Companies may opt to conduct their annual general meetings (AGMs) electronically or apply for more time to hold such meetings as the Covid-19 outbreak rages unabated, says the Companies Commission of Malaysia or SSM today.In a statement, it acknowledged that companies will find it challenging to hold their AGMs on a timely basis under the current situation, … The filing period of a company’s financial statements is also extended for 3 months from the last date of the MCO. @�t��\}:w(�X^ ��"��{������խs|���9�� 2�����+����+��N�揗z�Ɵ In particular, the board should be strongly involved in the validation process and monitoring of the RAF. 3. perspective on strategic discussions and demonstrate effective oversight of risk and control functions. This is an alternative to over the counter transactions. Customer can channel their enquiries on SSM MyData website to 03-2775 9339 and support@mydata-ssm.com.my while customers with feedback on services offered by SSM e-info can channel it to 1300-30-4636, callcenter@ssm-einfo.my Due date for the payment. The Chair of the Supervisory Board of the ECB normally presents the report to the European Parliament at a public hearing. MCO: Further reliefs granted by SSM and Bursa on submission of financial statements. Subsequent to this announcement, the Companies Commission of Malaysia (SSM) on 10.4.2020 granted the following concessions: (a) Moratorium Of Submission Of Statutory Documents SSM has increased the moratorium period of 2 weeks to 30 days from the date of expiry of the Movement Control Order (MCO) for all companies and limited liability partnerships to lodge statutory documents. CLBGs which have not been approved by the Inland Revenue Board previously may proceed to solicit for monetary donation from the public but are required to make an official application within 30 days after expiry of the MCO. The government has extended the submission deadline due to MCO as below:- What is the extension deadline? KUALA LUMPUR: Beginning November, it will be mandatory for companies to submit their annual statements, unaudited financial statements and Certificate for Exempt Private Company (EPC) to the Companies Commission of Malaysia (SSM) using the Malaysian … SSM my Co ID. Trust Companies Act 1949 (Act 100); 5. Registration of Businesses Act 2016 (Act 197); 4. Act A1299 COMPANIES (AMENDMENT) ACT 2007 2. 5. SSM has increased the moratorium period of 2 weeks to 30 days from the date of expiry of the Movement Control Order (MCO) for all companies and limited liability partnerships to lodge statutory documents. (b) Extension Of Time For Annual General Meetings (AGM). SSM e-Info Services is an Internet based service to provide search and purchase of registered company (ROC) and business (ROB) information online. Document 2 : Director’s Report Petaling Jaya, Kuala Lumpur, Malaysia. Lastly, SSM has agreed to extend the compliance period of section 241 of Companies Act 2016 for company secretaries to fulfil their CPE requirements until 31.12.2020, subject to certain terms and conditions as set out in their FAQ. This flexibility is given to companies with financial years ending September 30 to December 31, 2019. Acts 1. Registration of Businesses Rules 1957. The application for this extension of time must be made by e-mail to eot@ssm.com.my together with the form as set out in Appendix A in SSM’s FAQ. In event the lodgement of financial statements and reports cannot be made within the extended time under paragraph 14, a payment for a sum of RM100 shall be made upon subsequent submission of an application of an extension period for such lodgement. Customers can channel any feedbacks regarding the information, if any, to SSM Contact Centre at enquiry@ssm.com.my after the MCO ends. Automatic Compound Reduction Implemented by the Companies Commission of Malaysia (SSM) The Companies Commission of Malaysia (SSM) will implement an automatic compound reduction rate method. endobj ALL RIGHTS RESERVED. (c) Exemption From Obtaining Approvals For Companies Limited By Guarantee (CLBGs). Companies Regulations 1966; 2. The “2020 Compliance Campaign of the Companies Act 2016” which commenced on 1.1.2020 and slated to end on 30.4.2020, has now been extended to 30.6.2020. These measures are aimed at reducing the likelihood of a winding-up petition being filed by creditors against companies and to assist companies in restructuring and stabilising their financial position and cashflow during the extended period. R���dt,Ꮐ�"���oI�"u�e ���8Ļ�POy�Ox�w�������e��.������ڠ��;�r�"��b(3����Rkq�ؼ������T�9�J���.fZƇT =����C�+=(�z��OR~���TOe:VuKQ!�2�@.z�f{�joy��{���QÒ��6���+����/\������������M�S��m��w��?�s�^.���pǟ�n�x������%kx����%w�J�x���� ��. endobj This moratorium period applies automatically and SSM has agreed to waive any late lodgement or filing fee in this regard. %PDF-1.7 All IRB offices are closed during the MCO period. endobj SSM supervisory statement on governance and risk appetite . There will be no imposition of late lodgement fee during the moratorium period.” NO. Applications must be made by email to eot@ssm.com.my together with the form as set out in Appendix B in SSM’s FAQ. Under the company law, a director can be fined RM30,000 or jailed five years or both if he fails to lodge his … This report briefly analyses the central aspects of the SSM Regulation and of its application, listing the main findings. However, queries regarding taxation can be posted online to the IRB at: https://maklumbalaspelanggan.hasil.gov.my/MaklumBalas/ms-MY Taxpayers may use the online facility to apply for income tax reference number including e-Filing PIN number or if they forgot their e-Filing password. Companies with financial year ending from 30.9.2019 until 31.12.2019 may apply for an extension of 90 days from the date the companies were required to lodge their financial statements. 3 0 obj KUALA LUMPUR: The government has agreed to impose an automatic 30-day moratorium for companies submitting statutory documents to the Companies Commission of Malaysia (SSM), said Prime Minister Tan Sri Muhyiddin Yassin. %���� The report is usually published in March of the following year. 4 0 obj This measure is meant to help facilitate the settlement of compounds within a specified period. Extension of Submission Deadline 2020 (During MCO) (For EPF, LHDN, SSM, SST and PERKESO) Outlines: Due date for submission. W��c"��&����i��~M��+ağ����-����`� ��S�%�*���N�籙�I Public companies with their financial year ending 16.9.2019 until 30.11.2019 may apply for an extension of time to hold its AGM for a period of 90 days from the date the AGM must be held. Finance Audit Internal Audit Design and implementation Internal Control Systems Audit Reports Counseling to Management Members TAX The effectiveness and addicional value of the services that SSM Auditores & Consultores provides also focus on specialized tax support, optimizing the tax practices in the national territory. Usually a corporate secretary will be there to aid in submission of these documents. The IRB’s Hasil Care Line was suspended on March 26, but has been reactivated on March 30. MORATORIUM OF SUBMISSION OF STATUTORY DOCUMENTS TO SSM “In view of the Movement Control Order (MCO), SSM will grant a moratorium of 30 days from the end of the MCO to lodge all affected statutory documents with SSM. Submission of first CP204 (Tax estimation) -only applicable for company with paid-up capital more than RM2.5million 2. (b) Lodgement Of Financial Statements For Companies With Financial Year Ending 30.9.2019 Until 31.12.2019. Companies Act 1965 (Act 125); 3. This will cause the affected companies to fail to comply with the specified Everybody can access this service with Internet connection using online payment such as Prepaid, Credit Card (Visa, Mastercard, AMEX). Company secretary is responsible to process and submit documents by SSM my COID.Secretary will prepare objectives, form 58 and others. The managed care contract includes several MCO/DMO requirements related to encounter data submission: Submission of Tax return form (Form C and R) For Existing company. SSM The summary for extension of time granted by the SSM is as follows: No Type of submission Existing due date Extension due date 1 Submission of statutory documents During MCO period 30 days after MCO period 2 During MCO period Lodgement of financial statements for the FYE 01.09.2019 until 31.12.2019 Extension of 90 days (e) Extension Of Compliance Period By Company Secretaries. The customary application fee of RM100 typically required for companies applying for an extension of time is waived in this instance. Sdn Bhd Company registration at RM1,460, the best price in Town and has never been so easy and cheaper. (b) Public Company 17. Such lodgement can be done via the MBRS Portal or over the counter at any of SSM’s offices nationwide. In addition to the above, SSM has also introduced 5 additional initiatives: With the view of assisting companies with limited cashflow to pay its debts, SSM has agreed to temporarily increase the threshold of “indebtedness” from RM10,000 to RM50,000 up to the end of 2020. In 2020 the hearing for the Annual Report 2019 did not take place due to the measures taken … is for the sum of RM100 upon submission of such application. Subsequent to this announcement, the Companies Commission of Malaysia (SSM) on 10.4.2020 granted the following concessions: (a) Moratorium Of Submission Of Statutory Documents. 2 0 obj SHAH ALAM: The Companies Commission of Malaysia (SSM) has set Feb 7 and Feb 8 as the deadline for the submission of annual returns and annual report for … Regulations 1. This extension is granted to enable companies to have additional time to prepare their directors’ report, financial statements and carry out the auditing process. 1 0 obj Within 7 months from accounting year end. The directive and order are in line with the announcement made on 10 April 2020 regarding the initiative of the Companies Commission of Malaysia (SSM) to assist companies impacted by the implementation of the Movement Control Order (MCO) which causes companies that are facing cash flow problems to resolve their accrued business debts. The SSM Regulation requires the Commission to undertake a broad review of the overall application of the SSM Regulation, with an emphasis on identifying the potential impact on the smooth functioning of the internal market. In addition, SSM has received feedback from companies, practitioners and trade associations that companies are unable to prepare and audit the financial statements and reports as a result of the MCO implementation. 30 Sep 2019: 30 Apr 2020: 29 Jul 2020 As filing Annual Return is the most important legal requirement, failure to do so is an offence and if convicted, the company and its directors will face penalties under sections 165 and 169 of the Companies Act 1965. MCO/DMOs must comply with encounter data submission requirements to meet federal and state regulations as well as contractual requirements. Kootu Funds (Prohibition) Act 1971 (Act 28); 6. <>/Metadata 192 0 R/ViewerPreferences 193 0 R>> This is an alternative to over the counter transactions. SSM has reiterated that donations received by CLBGs must be accurately recorded to ensure proper governance. This exemption is applicable until 31.12.2020. Statutory Body and Submission: Period: Filing to SSM (30 days): MCO extension of time (Need to apply): SSM Report Lodgement Deadline: Period ended. Is There Any Penalty If We Fail to Lodge Annual Return? If any directors need to get SSM … SSM e-Info Services is an Internet based service to provide search and purchase of registered company (ROC) and business (ROB) information online. Within 10th from the end of each payroll month HHSC MCO Encounter Requirements On a monthly basis, MCO/DMOs are required to submit encounter data to TMHP's encounter data warehouse known as Vision21. Hence, the companies’ first submission of Annual Return in compliance with the new Act will only happen in 2018. This method is effective as of 1 July 2019. It is learnt that SSM has been tightening its monitoring and enforcement by imposing severe penalty for late or non-submission of annual returns and audited accounts. Companies Commission of Malaysia Act 2001 (Act 614); 2. In light of COVID-19 and the MCO as well as to ease the burden of complying with the Listing Requirements, Bursa Malaysia granted an extension of time to the listed companies with financial year ends of 31 December 2019, 31 January 2020 and 31 March 2020 to submit their annual report. These documents include a company’s annual return, financial statements and filings relating to the updates of information in respect of shareholders, directors and officers and business address of a company. Companies with an Annual Return dated 31 December 2019 and/or Financial Statements for the financial year ending 30 June 2019, are required to lodge such Annual Return and/or Financial Statements by or before 6 February 2020. During this campaign, SSM had, amongst others, provided compound reductions of up to a maximum of 90% from the original value of the compound, subject to applicable terms and conditions which are is designed to encourage companies to comply with the provisions of the Companies Act 1965 and the Companies Act 2016. Everybody can access this service with Internet connection using online payment such as Prepaid, Credit Card (Visa, Mastercard, AMEX). On 6.4.2020, the Government introduced an additional stimulus package amounting to RM 10 billion, which focuses on assisting small and medium sized enterprises (SMEs). 16. 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